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USI Holdings buys Mastors & Servant Risk Services for undisclosed amount

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EAST GREENWICH – Mastors & Servant Risk Services Ltd., one of the state’s largest independent insurance agencies, has been acquired by Briarcliff Manor, N.Y.-based financial services giant USI Holdings Corp.

The terms of the transaction were not disclosed.

Mastors & Servant, which specializes in commercial property and casualty, bond and employee benefits insurance for midsized companies, is projected to add about $5.6 million in revenue to USI annually. Mastors & Servant had been operated by CEO James L. Mastors and President Joseph A. Servant.

USI has an office in Warwick, but it’s unclear how the acquisition will affect both operations, and whether the company name Mastors & Servant will remain in use.

“Mastors & Servant is a great complement to our existing office in Warwick,” Michael J. Sicard, USI’s chairman, president and CEO, said in a statement. “By combining the two offices under Joe Servant and Jim Mastors’ leadership, we will become one of the largest middle-market insurance brokerage firms in Rhode Island.”

Mastors & Servant employed 43 people, making it the fourth largest agency in Rhode Island by employees, according to Providence Business News’ 2011 Book of Lists. The USI New England had 24 workers before the acquisition.

“USI shares our commitment to providing professional service that exceeds client expectations. We look forward to working with USI to bring our customers enhanced product and service capabilities,” Mastors said in a statement.

USI is one of the eight largest financial services firms in the country, with 76 offices in 24 states. The firm is a portfolio company of Goldman Sachs Capital Partners, a private equity affiliate of Goldman Sachs & Co.

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